The President of Dangote Group, Aliko Dangote, has announced that the pump price of petrol is expected to drop to ₦739 per litre nationwide from Tuesday, following a price reduction by the Dangote Refinery.
Dangote made the disclosure on Sunday during a press briefing at the Dangote Petroleum Refinery in Lagos, where he revealed that the refinery had reduced its gantry price of petrol from ₦828 to ₦699 per litre two days earlier.
He said the new pump price would first take effect at MRS filling stations in Lagos, before being implemented across the country.
Dangote accused some fuel marketers of deliberately keeping pump prices high despite reductions in landing and gantry costs, alleging that the actions were aimed at frustrating government efforts and denying Nigerians the benefits of lower fuel prices.
According to him, discussions had taken place among some market operators to maintain artificially high prices, but he insisted that the refinery would proceed with its planned reduction.
He urged members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and other bulk buyers to take advantage of the reduced gantry price, noting that sufficient supply was available.
Read Also: Dangote Signs $1 Billion Investment Deal in Zimbabwe
Dangote also vowed to deploy all available resources to ensure that petrol prices decline further within seven to ten days, stressing that no petrol should sell above ₦740 per litre nationwide between December and January.
The billionaire industrialist criticised the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) over plans to issue petrol import licences, warning that continued approvals could undermine local refining and push domestic and modular refineries to the brink.
With the announced reduction expected to take effect from Tuesday, Nigerians are watching closely for the implementation of the new price across filling stations nationwide.
